November 8, 2024 – Pump.fun, the platform that enables anyone to create and launch tokens on the Solana blockchain, has just reported a new record in monthly revenue for October.
In October, Pump.fun’s revenue reached $30.5 million, up 111% from the previous month and surpassing the previous high of $28.64 million set in July. This marks an unexpected rebound for the platform following two consecutive months of revenue decline, which averaged a 29% decrease per month.
The primary driver behind this growth has been the significant surge in the value of memecoins—tokens inspired by popular internet memes. Notably, the token MOODENG made a substantial contribution to Pump.fun’s revenue.
Additionally, the “new AI” trend on the market has been another crucial factor. Many tokens issued by Pump.fun, such as Goatseus Maximus (GOAT), Gnon, Fartcoin, and ACT, received “endorsements” from AI chatbots on the social media platform X and reached market capitalizations in the hundreds of millions of dollars.
While some AI-related memecoins have sharply declined from their peaks, purely meme-based products continue to make waves on Pump.fun. A recent example is the token PNUT, inspired by P’nut the squirrel, which was euthanized by New York authorities and has reached a market cap close to $130 million.
With these impressive achievements, Pump.fun once again reaffirms its pioneering role in setting new trends within the Solana blockchain market.
